The city of Detroit is suing a blockchain real estate company after many of its properties allegedly violated local safety and health codes.

Real Token, or RealT, is a Florida-based company that markets itself as a decentralized real estate security token platform. In the lawsuit, the city alleges that the company’s co-founders, brothers Remy Jacobson and Jean-Marc Jacobson, have neglected over 400 properties in the city by failing to maintain basic health and safety requirements.

"We're talking about roofs that are leaking, sewage leaking in the basements. We have standing water as well in many of the basements...408 properties, 408 properties and not one of them has a certification of compliance," said Detroit City Councilmember James Tate of the violations at a press conference.

Conrad Mallett, corporation counsel for the city of Detroit, joined The Metro on Tuesday to share more details about the lawsuit.

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